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Litecoin Price Analysis: LTC/USD dips below the green Ichimoku cloud

  • LTC/USD has found support on the SMA 20 curve.
  • The MACD indicator has had a red session following 42 straight green sessions.
Litecoin Price Analysis: LTC/USD dips below the green Ichimoku cloud
Rajarshi MitraRajarshi MitraIndependent Analyst

LTC/USD daily chart

LTC/USD daily chart

LTC/USD bears retained control of the market for a second straight day. This Thursday, the price dropped from $58.15 to $54.45. So far this Friday, the price has fallen further to $53.15 and dipped below the green Ichimoku cloud. The SMA 20 acts as immediate market support and is holding the price up. The MACD indicator shows a reversal of bullish momentum, as the signal line has crossed over the MACD line for the first time in 42 days. The RSI indicator has dropped to 51.55, showing that the market is going through a sell-off period.
 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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